Flutter Entertainment ceases trading in London
The gambling operator behind FanDuel and Paddy Power has transitioned to a single stock market listing..
UK.- The Dublin-headquartered gambling operator Flutter Entertainment has withdrawn its listing. from the London Stock Exchange after more than two decades. The gambling giant’s FTSE-listed shares were cancelled at 8am today (August 3), in line with the timetable announced in June.
The company, which owns brands such as FanDuel, Paddy Power, Sky Betting & Gaming, Betfair and PokerStars, had signalled its intention to delist when it posted Q1 results. The move means that Flutter stock now trades exclusively on the New York Stock Exchange. The group had already dropped its stock listing. on the Euronext Dublin in Ireland in January 2024 prior to its corporate shift to the United States.
Flutter was listed in New York in January 2024 and designated the NYSE as its primary market in May of the same year. While the company is still headquartered in Dublin, US operations have become its main growth driver thanks to the strong presence of FanDuel on the growing US sports betting market. Q1 figures showed Flutter’s revenue was up 17 per cent year-on-year to $4.3bn (£3.5bn), with US operations contributing 41 per cent of the total at $1.76bn.
Today’s milestone marks the end of an era. Flutter’s roots on the LSE stretch back to 2000, when Paddy Power was floated to support its UK expansion. The business merged with Betfair in 2016 to form Paddy Power Betfair (PPB). This combined business then bought FanDuel, then a daily fantasy sports operator, following the repeal of the PASPA in the US in 2018.
The company rebranded as Flutter Entertainment in 2019, at the start of its strategic shift to the US. That sparked a trend for industry rebrandings, with GVC and 888 (now Entain and Evoke) following suit.
The departure from the LSE has raised concerns about the stock exchange’s health and competitiveness. Several firms have either delisted or shifted their main listings to the US, including Wise, Ferguson and AstraZeneca. The Swiss lottery operator Allwyn is reportedly weighing between a London and New York listing.
As for the control of Flutter, US businessman Kenneth Dart has increased his voting rights in the company to more than 29 per cent. Dart has also built a 30 per cent stake in the gaming supplier Evolution, triggering a mandatory takeover bid under Swedish law.
